jim stuber joins me in studio for his insight into the options world. the options market in the red after tensions rise between the ukraine and russia. how are you seeing this layout? >> this is on the other side of escalation. we did not see significant hedging activity. the real action happening in etfs like rfx. the largest trade is an opening seller of 21 strike put. they are expressing the view that there is limited downside. they will get long in the stock about 10% lower. they are pocketing $2 million in premium to express that view. we are estimating that seeing that similar in the options market. not going to escalate significantly. >> we did see the biggest selloff in five years and russian equities today. >> that is where the options market is now. whether it is complacency or not, we will see. we will look at six options as well. the most actively traded blind is in march 16 strike calls and the closing seller. you do not see significant long. they are taking advantage of a lift in volatility to look profits rather than putting on new long p